NEW YORK, KOMPAS.com - The price of virtual currency bitcoin dropped below the level of 9,000 US dollars or equivalent around Rp 119.7 million on Thursday (1/2/2018) or Friday (2/2/2018) Indonesia time. The decline in bitcoin prices follows investor concerns over regulatory upgrading in India and potential price manipulation in some major exchanges. Quoting CNBC, bitcoin prices even touched about 8,810 US dollars or equivalent approximately Rp 117.1 million in Coinbase, one of the leading virtual currency exchange center in the US. As on Friday morning at 1:20 pm, bitcoin prices observed at 9,023 US dollars or equivalent around Rp 120.6 million. Also read: The Indian Government Rejects Use of Virtual Currencies The CME and Ccoe bitcoin futures exchange index for the February 2018 contract also fell below 9,000 US dollars. The price of other virtual currencies, such as ethereum, ripple, bitcoin cash, and litecoin also declined. The drop in prices came after a statement from Indian Finance Minister Arun Jaitley. Jaitley's remarks raised fears of an increase in virtual currency-related regulations in India. In addition, The New York Times also proclaimed, many investors are worried about the price of bitcoin and other virtual currencies have dipenharuhi by Bitfinex exchange. Currently, some investors believe that bitcoin prices will move in the range of 9,000 to 10,000 US dollars. Level 9,000 US dollars is the lowest level in two months. See also: Facebook and Instagram Disallow Advertisements Bitcoin et al "A lot of regulatory news makes the market panic," says Nick Kirk, quantitative developer and data scientist at Cypher Capital. In his speech, Jaitlet stated, the Government of India does not recognize the virtual currency as a legal means of payment. The government will also take steps to reduce the use of crypto assets in the funding of illicit activities including criminals. Data Coindesk shows, ethereum price reaches 1,051 US dollars, 1.281 US dollars of cash deposits, and litecoin 143.28 US dollars. The ripple price reached 0.99 US dollars.
Topic: Bitcoin will be vanishing soon from India market (Read 139 times)
It is certainly a bad news for Indians. Likewise the expectations of the community from the Indian markets were no like what has happened. If all this happens to be true, whatever you said, it is going to be a blunder. Indian market is a huge one with so much diversification. A large population in the country is now bitcoin- aware and is into the the crypto market wholly solely. The popularity of the bitcoin in the country signifies what a loss it would be if the bitcoin is banned in the country. The decision of RBI has also been challenged once by an Ahmadabad based company and that shows the resentment of people against this decision by RBI. Many people came to support the petition by Coin Recoil, but nothing has been decided until now.
Some weeks before this thread was created Indian regulators started their campaign against cryptocurrencies. Then immediately appeared a lot articles written by indian holders saying how many people in india are holding cryptos and that a big part of ICO market is concentrated in india. That was something like a miserable attempt to create FUD about this topic bu it was literally ignored by everyone. I haven't seen anyone dumping his coins because RBI banned BTC.
That's a wonderfull thing. How low is the influence of India on the entire market.
That's a wonderfull thing. How low is the influence of India on the entire market.
Well, I am not expecting any decision about cryptocurrencies at least for a couple of years from now because elections are coming in the next year and government won't take any risk of taking any decision without doing research about it. However, I am optimistic in the long run that governments will legalize crypto but they will always monitor our transactions through the KYC details submitted to the domestic exchanges while buying or selling crypto against fiat currencies.
Quote
RBI has clearly mandate banks not to accept any transactions of cryptocurrency from July 2018.
days ago when I read news that India is banning bitcoin, I heard many people's opinions that they were not banning bitcoin, so I did not understand what was happening and I also did not dig up this story, but what you're telling is serious and that means that the government of India is following the same path as the Chinese government.
with this it is only that the people of India sell their bitcoins or leave India to live in another country that is friendly with bitcoin because I do not see any other option here.
It's sad
Yeah, its really sad to hear if this is really true. The initial report says that RBI has mandated all financial entities from dealing with crypto traders. So I'm not really sure if this equates a total crypto ban, or maybe I'm wrong. So there's only one option here specially for those local trading platform, to move outside of the country similar to what Binance and OKex did (moving to Malta). As far as our Indian Bitcoin Community, well they have to think their options as well as we all know that most of them can't really moved to bitcoin friendly country. When China made a U-turn, all Chinese bitcoin enthusiast do OTC to continue to trade. Maybe this can also be apply by those Indian's who are really into bitcoins.
However India has a promising plan to adopt and develop a blockchain technology system used by the virtual currency, for use in the national financial system. The move is seen to strengthen India's ambition to become one of the main countries in the digital economy sector.
No certainty bitcoin will be banned in india .. I think this is just a rumor because in India many are using bitcoin this could be an Indian government to absorb taxes for bitcoin users in india ...
Quote
RBI has clearly mandate banks not to accept any transactions of cryptocurrency from July 2018.
days ago when I read news that India is banning bitcoin, I heard many people's opinions that they were not banning bitcoin, so I did not understand what was happening and I also did not dig up this story, but what you're telling is serious and that means that the government of India is following the same path as the Chinese government.
with this it is only that the people of India sell their bitcoins or leave India to live in another country that is friendly with bitcoin because I do not see any other option here.
It's sad
RBI has clearly mandate banks not to accept any transactions of cryptocurrency from July 2018.
What do you think then people invested in bitcoin should sell off and bear loses or any exchange which is been operated from India should move out.
RBI's crackdown on cryptocurrencies forces Indian exchanges to think of moving abroad: Report
Almost immediately after the Reserve Bank of India (RBI) decided to ban regulated entities from dealing with them, Indian cryptocurrency exchanges have started looking at moving their offices abroad.
According to a report by The Economic Times, cryptocurrency exchanges like Zebpay, Unocoin, CoinSecure, BuyUcoin and BTCX India, are looking to move their head offices to places like Singapore, Belarus, or Delaware in the United States.
Many of them have already approached their advisers and are working on various tax structures, the report stated.
The state of nervousness in the Indian cryptocurrency market at the moment is because of the RBI announcement, which many are viewing as a knockout blow for the business in India.
Bitcoins worth Rs 22 crore stolen from Delhi-based cryptocurrency exchange, company accuses own officer
India is home to more than five million investors who have bought or traded in Bitcoin and other major cryptocurrencies.
"We have to move our company to some foreign country where regulations allow opening of bank accounts plus we won't be dealing in fiat currency. It will become a global operation rather than an India-centric operation," Shivam Thakral, CEO, BuyUcoin, told ET.
Market watchers reckon many exchanges have already moved abroad and are also contemplating products that they could offer to Indian customers, despite moving base.
While RBI has given three months’ time to banks to wind up operations, cryptocurrency exchanges are trying to settle accounts of their customers before they make an exit from India, ET reported.
Looking at the positive side, these exchanges are hopeful that shifting base outside India might help them deal with Indian laws as many won’t apply to them any longer. Permanent establishment is a concept in taxation that determines which jurisdiction has the right to tax the company.
Tax experts told the financial daily that these exchanges may have only two options — either shut shop or move to any other jurisdiction.
"Even after such a move, Indian investors may be able to continue to invest with the platforms through innovative structures. Volumes from India will surely go down but profits from business originating from India may escape tax in India as the exchanges would not have a permanent establishment in India after the move," Riaz Thingna, Director, Grant Thornton Advisory, was quoted as saying.
What do you think then people invested in bitcoin should sell off and bear loses or any exchange which is been operated from India should move out.
RBI's crackdown on cryptocurrencies forces Indian exchanges to think of moving abroad: Report
Almost immediately after the Reserve Bank of India (RBI) decided to ban regulated entities from dealing with them, Indian cryptocurrency exchanges have started looking at moving their offices abroad.
According to a report by The Economic Times, cryptocurrency exchanges like Zebpay, Unocoin, CoinSecure, BuyUcoin and BTCX India, are looking to move their head offices to places like Singapore, Belarus, or Delaware in the United States.
Many of them have already approached their advisers and are working on various tax structures, the report stated.
The state of nervousness in the Indian cryptocurrency market at the moment is because of the RBI announcement, which many are viewing as a knockout blow for the business in India.
Bitcoins worth Rs 22 crore stolen from Delhi-based cryptocurrency exchange, company accuses own officer
India is home to more than five million investors who have bought or traded in Bitcoin and other major cryptocurrencies.
"We have to move our company to some foreign country where regulations allow opening of bank accounts plus we won't be dealing in fiat currency. It will become a global operation rather than an India-centric operation," Shivam Thakral, CEO, BuyUcoin, told ET.
Market watchers reckon many exchanges have already moved abroad and are also contemplating products that they could offer to Indian customers, despite moving base.
While RBI has given three months’ time to banks to wind up operations, cryptocurrency exchanges are trying to settle accounts of their customers before they make an exit from India, ET reported.
Looking at the positive side, these exchanges are hopeful that shifting base outside India might help them deal with Indian laws as many won’t apply to them any longer. Permanent establishment is a concept in taxation that determines which jurisdiction has the right to tax the company.
Tax experts told the financial daily that these exchanges may have only two options — either shut shop or move to any other jurisdiction.
"Even after such a move, Indian investors may be able to continue to invest with the platforms through innovative structures. Volumes from India will surely go down but profits from business originating from India may escape tax in India as the exchanges would not have a permanent establishment in India after the move," Riaz Thingna, Director, Grant Thornton Advisory, was quoted as saying.
Jump to: